Victory

Bitcoin

Gary

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<p class="has-drop-cap">SEC Chairman Gary Gensler announced Thursday he will <a href="https://www.bbc.com/news/articles/c20nyxperjpo" target="_blank" aria-label="step down from his position (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">step down from his position</a> on January 20, 2025, coinciding with President-elect <a href="https://tokenist.com/3-stocks-that-can-surge-in-trumps-golden-age-for-america/" class="deco-link" rel="noopener noreferrer nofollow">Donald Trump’s inauguration</a>. The departure of the Securities and Exchange Commission’s 33rd chairman comes amid rising cryptocurrency values and significant policy differences with the incoming administration.</p>
<h3 id="anti-crypto-sec-chairman-set-to-resign-as-trump-takes-office">Anti-Crypto SEC Chairman Set to Resign as Trump Takes Office</h3>
<p>During his tenure since 2021, Gensler implemented substantial reforms in financial markets, including measures to strengthen investment fund resilience and reduce stock trade settlement times. <br><br>While his term was set to run until 2026, Gensler’s voluntary departure follows the tradition of agency leaders stepping down during administrative transitions. Trump, who had promised to fire Gensler “<a href="https://finance.yahoo.com/news/trump-says-fire-sec-chair-145122475.html" target="_blank" aria-label="on day one (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">on day one</a>” despite lacking direct authority to do so, has already begun assembling a crypto-friendly Cabinet, including the appointment of Howard Lutnick as Commerce Secretary.</p>
<p>Gensler’s leadership was marked by an aggressive crackdown on the cryptocurrency industry, overseeing a record 46 enforcement actions against crypto companies last year. His tenure saw successful prosecutions of major industry figures, including <a href="https://tokenist.com/bahaman-authorities-arrest-sam-bankman-fried/" rel="noopener noreferrer nofollow" class="deco-link">the jailing of FTX founder Sam Bankman-Fried</a> and Binance’s Changpeng Zhao. In a September BBC interview, Gensler characterized the crypto industry as being “rife with fraud and hucksters and grifters.”</p>
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<h3 id="bitcoin-hits-all-time-high">Bitcoin Hits All-Time High</h3>
<p>The cryptocurrency market has responded dramatically to the leadership change, with <a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="noopener noreferrer nofollow" class="deco-link">Bitcoin (BTC)</a> reaching an all-time high of $99,502.92 on Thursday. The digital currency currently trades at $98,373.40, with a market capitalization of $1.95 trillion and a 24-hour trading volume of $95.85 billion. Community sentiment remains strongly bullish, with 79% of traders expressing optimism about the market’s direction.</p>
<p>The crypto industry, which became 2024’s largest corporate campaign donor, has invested heavily in shaping its regulatory future, contributing at least $119 million to crypto-friendly Congressional candidates.</p>
<p>Kristin Smith, chief executive of the Blockchain Association, expressed enthusiasm about Gensler’s departure, criticizing his litigation-heavy approach to industry oversight. Trading activity remains robust across major exchanges, with Bitcoin’s open interest reaching a new record of $63.50 billion.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/trump-victory-sends-btc-soaring-anti-crypto-sec-chairman-set-to-resign/">Trump Victory Sends BTC Soaring; Anti-Crypto SEC Chairman Set to Resign</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Trump Victory Sends BTC Soaring; Anti-Crypto SEC Chairman Set to Resign

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